Increased Delinquency Creates Greater Demand among National and Regional Organizations
HOUSTON — Integrated Mortgage Solutions (IMS), a collateral protection resource for the mortgage servicing industry, announced today the addition of seven clients, which include traditional mortgage servicers, community banks and credit unions.
According to the Treasury Department, 340,000 homeowners have received permanent loan modifications under the Making Home Affordable Program (HAMP). Of those, Fitch Ratings projects that as many as 65 percent of the prime loans and 75 percent of subprime loans modified under HAMP will re-default. These projections point to the continued need for experienced loss mitigation support.
Large regional and national financial institutions comprise IMS’ new client base and will utilize the company’s document retrieval, REO services, property repair and field services, including property inspection and preservation. IMS has a national network of field services and asset management professionals, enabling the company’s clients to effectively manage distressed properties and reduce the volume of foreclosures nationwide.
“While large mortgage servicers have traditionally outsourced asset management services, community banks and credit unions now also recognize the importance of leaning on an experienced firm to conduct these services,” said Cheryl Lang, chief executive officer and president of IMS. “IMS easily adapts to changing regulations and offers the services and expertise that our clients will not find locally but require in order to meet their objectives. Our ability to offer customized default management services enables us to serve a wide array of financial institutions with varying needs.”
Historically, community banks and credit unions have worked with local field service companies to complete property inspections and preservation work. As foreclosures have steadily increased, regional institutions have enlisted IMS to provide a comprehensive set of asset management solutions.
About IMS
Integrated Mortgage Solutions (IMS) is a leading provider of collateral protection resources for the mortgage servicing sector, offering a full range of asset management services reducing the costs associated with loan servicing and default management functions. IMS enhances the efficiency and effectiveness of these processes through a complete suite of products and services that include: inspection, repair and preservation, hazard claims recovery, borrower outreach, loss mitigation, and REO management and marketing. For more information regarding IMS, please visit www.imstoday.com, follow us on Twitter: @imstodayinsight and visit our blog: www.imstoday.com/blog/insight.aspx.
